The American Rescue Plan Act, signed into law on March 11, 2021, authorized a third round of Economic Impact Payments (EIP3) to eligible individuals and families. The IRS began sending out these payments on March 12, 2021. Eligibility for the Third Stimulus Check To be eligible for the third stimulus check, you must meet the … Read more
The Internal Revenue Service (IRS) is making significant strides in processing tax returns for the 2024 tax season, despite a slightly delayed start compared to 2023. As of March 29, the IRS had processed over 88.8 million federal income tax returns, representing a 1% decrease from the 89.6 million processed during the same period last … Read more
Understanding the consequences of unpaid taxes is crucial for taxpayers. One severe measure the IRS can take is wage garnishment, where a portion of your paycheck is seized to settle your tax debt. This comprehensive guide delves into the IRS wage garnishment process, including the timeline, exceptions, and strategies to prevent or stop a wage … Read more
In 2021, the American Rescue Plan Act authorized a third round of Economic Impact Payments (EIP3) to provide financial relief to Americans amidst the COVID-19 pandemic. While the majority of eligible individuals received their payments automatically, some may have missed out due to various factors. This guide will provide a comprehensive overview of the EIP3 … Read more
Filing taxes is an important civic duty that ensures the proper functioning of government programs and services. The Internal Revenue Service (IRS) sets specific income thresholds that determine whether an individual is required to file a tax return. This guide will provide a detailed overview of the minimum income requirements for filing taxes in 2020, … Read more
Understanding the IRS’s Collection Authority The Internal Revenue Service (IRS) possesses a wide range of tools to collect unpaid taxes, including the ability to seize and sell property. However, the IRS generally does not resort to such drastic measures unless other collection efforts have failed. IRS Seizure of Property While the IRS has the authority … Read more
Free Tax Preparation Assistance If you need help filing your taxes, there are a number of free resources available to you. Volunteer Income Tax Assistance (VITA): VITA is a program that provides free tax preparation assistance to low- and moderate-income taxpayers. VITA volunteers are IRS-certified and can help you prepare your federal and state tax … Read more
Understanding IRS Wage Garnishment When you owe back taxes to the Internal Revenue Service (IRS), they have the authority to seize a portion of your wages to satisfy the debt. This is known as a wage garnishment or wage levy. The IRS will typically notify you in advance of their intent to levy your wages, … Read more
Social Security benefits provide a crucial financial lifeline for millions of Americans, particularly during their retirement years. However, it’s important to be aware that various deductions may reduce the amount you receive each month. Understanding these deductions and how they impact your Social Security benefits is essential for effective financial planning. Medicare Premiums One of … Read more
Navigating Tax Refunds with Installment Agreements Understanding the interplay between tax refunds and installment agreements is crucial for taxpayers seeking financial relief. This comprehensive guide delves into the IRS’s policies and procedures regarding refunds when taxpayers have outstanding payment plans. Can I Receive a Refund with an Installment Agreement? No. One of the conditions of … Read more